The Petroleum Daily Report from PFL Petroleum Services LLC provides daily settlement prices for key petroleum commodities, including crude oil (Brent and WTI), natural gas, RBOB gasoline, ULSD, propane, and butane. Each report includes expert market commentary highlighting the key factors and events influencing commodity prices.
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Oil jumped 2% today to a 10 month high on the back of OPEC predicting tight supplies. U.S. West Texas Intermediate crude rose $1.55 per barrel, to settle at $88.84 per barrel. Brent futures rose US$1.42 per barrel, to settle at US$92.06 per barrel. From a technical standpoint both benchmarks remain technically overbought, and closed […]
Oil prices were pretty much flat for the day but holding above the key $90 per barrel level. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. “Much of this reduced supply has simply served […]
Oil prices were higher today with Brent rallying to nine month highs as rising Diesel futures lifted prices and increased worries about tight supplies. Both contracts closed higher about 2% week over week. “Crude prices continue to trade on supply-side drivers. No one is doubting that OPEC+ will keep this market tight going into the […]
Brent fell below $90 today in a volatile session halting a two week rally. Thursday’s fall came after nine straight sessions of gains in WTI and seven straight gains in Brent. “Crude futures are feeling some corrective pressure from a new high in the U.S. Dollar Index as well as more weakening economic numbers from […]
Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia. “We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up,” said Bob Yawger, director of energy futures […]
Oil prices rallied today hitting new highs for 2023 as Saudi Arabia and Russia extended their voluntary supply cuts through the end of year. Analysts had largely expected the group to continue the cuts for another month through October but through the end up the year was a supply shock to the upside. “This is […]
Oil prices broke higher today closing at seven month highs. After surging for the last couple weeks oil is approaching the upper part of a huge technical range. This Brent close above the $88 level pushed the 50 day moving average above the 200 day moving average which in technical terms could mean a big […]
US crude prices gained today on prospects of OPEC+ production cuts continuing through the end of the year. “With Brent prices having stalled in the mid-$80s … the prospect of those Saudi barrels returning to the market any time soon looks slim and the impact is increasingly being felt across the world as commercial stock […]
Oil prices gained today continuing yesterdays rally on a positive EIA report as inventories fell by 10.6MM/bbls, exceeding expectations. Analysts had forecasted a drop of 3.3MM/bbls. Meanwhile product supplied for gasoline was at about 9.1MM/bpd. Analysts are advising caution on these demand numbers however. “I would expect (gasoline demand) to fall precipitously from here,” said […]
Oil prices were stronger today rising as the dollar slid. Meanwhile Hurricane Idalia is forecast to make landfall as a category 3. The storm will likely impact fuel distribution system and hit fuel consumption in the affected regions just ahead of Labor day. Adding to supply concerns, US rig count declined in august for the […]